On August 26, 2024, Silver Bullet Mines Corp. announced the signing of a contract with an experienced contract miner for underground mining operations at the Washington Silver Mine in Idaho. The Contract Miner possesses a strong background in underground construction, making them well-suited for working in high-grade vein type structures present at the Washington Mine.
Mining activities for silver at the Washington Mine are scheduled to commence in the early fall of 2024 and continue throughout the winter of 24/25. The initial plan is for the Contract Miner to drift approximately 80 feet into the structure, intercept the historical workings, and extract around 2500 tons of silver mineralized material, which is expected to contain gold credits as well.
The extracted material will be stockpiled on-site until enough quantities have been gathered for economic shipping and processing at a third-party mill. The Company is currently evaluating various mills to assess their capabilities for processing the material from the Washington Mine based on relevant metallurgical test work conducted by Montana Technical Institute (CAMP) in 2022.
Additionally, a separate agreement has been made with another contractor to construct the access ramp into the Washington Mine, expose the surface structure of the Berger gold vein for future development, and carry out other preparatory tasks for the Contract Miner. SBMI has also initiated improvements to the access road, which is under permit.
In a related development, progress at the Buckeye Silver Mine in Arizona is advancing towards completion of ground support by way of rockbolting, with mining operations from the higher grade Zone1 set to commence shortly. Mined material from Buckeye Silver Mine will be processed at the Company’s mill in Globe, Arizona.
It is important to note that the decision to move forward with the construction and production at the Washington Mine is based on exploration and development activities. While no pre-feasibility or feasibility study has been conducted, SBMI is confident in its decision to proceed with the development of the Washington Mine. However, caution should be exercised as there is increased uncertainty and risk associated with this decision, particularly in terms of economic and technical outcomes.
Furthermore, any data and observations referenced in this release that were not conducted by SBMI are of historical nature and should be considered for informational purposes only. SBMI does not have insights into the methodologies used for such work and emphasizes the need for further due diligence.
This news release contains forward-looking statements regarding SBMI and its subsidiaries, which are subject to inherent risks and uncertainties that may cause actual results to differ from management’s expectations. SBMI will outline material risk factors or assumptions related to the forward-looking statements, and unless required by applicable securities laws, assumes no obligation to update or revise them. Various factors may influence the future outcomes related to forward-looking statements, including but not limited to global viruses, supply chain disruptions, legal matters, and currency fluctuations.
For further details on the source version of this press release, please visit the company’s website.
